GIC pours $129.6m into top music streaming service provider
The proceeds will be used to fund the company’s overseas expansion.
GIC, Singapore’s sovereign wealth fund, has invested USD104 million ($129.6m) in KKBOX, Asia’s top music streaming service provider. The investment proceeds will be used to fund the company’s overseas expansion, as well as refine its technology and service, said Chris Lin, co-founder and CEO of KKBOX.
The investment stems from GIC’s confidence in the long-term growth potential of KKBOX given its unique music streaming service and strong franchise in its home markets.
With the rising demand of consumer technology in the region, there will be more opportunities for the company as it embarks on its expansion.